'BI' which is called business intelligence, is the set of latest techniques and software for the transformation of raw data into meaningful, important information for business analysis purposes. Now the question is, do small businesses need it? Earlier, only large corporations had the resources and manpower to crunch the numbers and utilize the software.
Business intelligence software is now no longer expensive and resources hungry. The technology has evolved to be lightweight, powerful and accessible to small/medium enterprises. advanced business intelligence solutions don't require coding knowledge to build dashboards and explore data.
It is not realistic to expect small business owners to fret over technology when there are other urgent matters like involving customers and management staff. This business intelligence software has analytical functions that can be easily accessed, which displays the data.
Many intelligence solutions are also provided by outside firms that specialize in data analysis. This can greatly reduce costs, with priorities and capital diverted to other business investments that matter. The advances in intelligence software have also made it faster and quicker to process data.
Business intelligence can help smaller businesses to compete with larger corporations. In the long run, it might even be able to help small businesses increase market share and generate revenue from unexpected avenues. The analysis of data help business owners make informed decisions that could impact the well-being of the business. Data includes the analysis of market trends and changing consumer behavior and appetites.